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How to Get Credit Card Relief in Canada?

Suppose you have been using credit cards as your financial lifeline, and now it’s catching up with you. In that case, you would want to know how you can get debt relief. You should create plans, find options, solutions, programs, and seek advice for Canadians facing credit card debts. If your credit card debt is so high that you don’t feel like the minimum amount of payments is reducing the debts, you must take the right steps to ease such financial challenges. With reliable credit counseling from financial and debt management experts, you will be able to create a concrete plan to repay your debts successfully and get your finances back on track.  Depending on your current financial situation, you may negotiate better interest rates. However, you need a financial and debt management expert to advise you and negotiate relief from your credit card debts. York Credit Services can help you develop an individual money management program, help you in money management, and help you find the right way to reduce your debt.

Negotiate Credit Card Debt Relief Yourself

Negotiating credit card debt relief involves requesting your credit card company to lower the interest rate they’re charging you. If you have a balance, a low-interest rate means you’ll be paying less interest. So, with every payment you make, a more significant part of your credit card debt balance will be paid off instead of being gobbled up by high-interest charges. The right time to renegotiate the interest rates on your credit card debt is when you realize you have no balance and you may still be up-to-date with your debt payments. Suppose you intend to call up your credit card company and request them to lower your interest rates. In that case, York Credit Services can offer expert guidance on how to handle such negotiations successfully. In case you’re behind on your debt repayment or have high credit card balances, York Credit Services can help you negotiate debt relief.

Get an Agency to Negotiate Debt Relief for You

If your credit card debt has reached a point where you cannot keep up with payments, it is time to seek professional help. The sooner you get a debt management expert to help, the more options you are likely to have. No matter the specific debt solution option you feel is right for you; it is essential to consult with a reputable finance and debt management agency. The agency will work with your creditors to find the most viable debt management solution for you. York Credit Services has been helping many Canadians to negotiate debt relief for many years. So, you can rely on our expertise and many years of experience.

Some Reasons why your Debt Consolidation Loans Applications can be Declined

Most Canadians often consider debt consolidation loans as the only way to solve their debt problems whenever they experience financial challenges. They do so in an attempt to lower the interest rate and combine all the expected payments into a single manageable monthly payment. This is not a bad idea for many people. However, qualifying for a debt consolidation loan is not as easy as most Canadians think. Some of the reasons lenders deny borrowers loan consolidation loans include bad credit score, lack of credit history, high debt, low income, and more. If you were denied a loan consolidation loan, consult with York Credit Services to learn more about other debt management options.

1. No Security for Debt Consolidation Loan

Nearly all financial institutions ask for collateral or security from people applying for debt consolidation loans, particularly if the borrower is having difficulties making their debt payments. Such lenders want to ensure that they will get their money back no matter the borrower’s financial situation. So, what happens to borrowers who don’t have assets to offer as security or collateral? Most Canadians resort to using credit cards to pay off their debts at a 20 percent interest rate. Others prefer getting unsecured loans from finance companies at 30 percent or higher. If you intend to reduce your debt, the odds are that such strategies will not be helpful because the more significant part of your debt repayment will go to interest. Consult with York Credit Service to learn more about debt management options.

2. Problems With Credit Report and Credit Score

There numerous credit score and credit report issues that can prevent you from getting approval for a debt consolidation loan. Generally, debts in collection and delayed payments hurt your credit score. High debt balances can cause more harm to your credit score and history. So, it is in your best interest to learn how a credit score is calculated and improve yours.

3. Not Enough Income to Qualify for a Debt Loan

A debt payment usually costs more each month compared to paying the minimum payments on your credit card. So, by the time you realize you could benefit from a debt consolidation loan, you may only be in a position to make the lowest possible payments on your cards. Keep in mind that credit card payments are so low that it will take you more than ten years to pay off the entire debt, and that is only if you ceased to use the credit card while repaying your debts. You cannot pay off a debt consolidation loan over a long period unless you have secured with your house (this may be considered a second mortgage). Most consolidation loans are amortized over three to five years, which means you will need to make high monthly payments. Unless your income is high enough to handle such payments, your debt consolidation loan application may be declined.

4. Not Enough Credit History in Canada

A credit card history reveals how you have been using credit in Canada. Most Canadians who apply for consolidation loans haven’t been using credit in their own name for a very long time. Keep in mind that it takes time to have a strong credit report or score, which means failure to have a long credit history might work against you. Another critical aspect of this issue is having credit that you no longer use. Suppose you have a credit card tucked away in your office cabinets or safe. In that case, you should understand that you must use it responsibly to build a positive credit history. Having a credit that you don’t use cannot help you. If you’re on a joint loan, it’s essential to understand that some financial institutions are likely to report information about the primary borrower rather than co-signers or secondary borrowers. This is another reason you should keep an eye on your credit report and ensure your credit information is reported accurately.

5. Too Much Debt

Canadian credit unions and banks will always allow you to borrow a maximum of 40 percent of your gross yearly income if you apply for a debt consolidation loan. That means if you apply for a loan in a bank, on paper, they will include your proposed loan in your current debt payments. These are the payments on your current loan, line of credit, mortgages, and credit cards. They do so to determine if your current credit exceeds 40 percent of your annual income. This comparison or measurement is known as the total debt service ratio. If your new loan is likely to put you over 40 percent of your income, then you may have to consider applying for a lower amount, or your application will be declined.

What To Do After Being Declined A Debt Consolidation Loan

Suppose your application for a debt consolidation loan was turned down, and you are wondering what you can do to overcome your current financial crisis and regain financial control or freedom. In that case, you should understand that being turned down for a debt consolidation loan is not the end of your financial freedom. There are other debt management solutions you can explore. York Credit Services has been offering finance and debt management advice, helping Canadians create debt payment programs, or negotiate debt relief for our clients. You can rely on our many years of expertise and wealth of knowledge.

5 Steps How to Rebuild Your Credit Score

Your past money-related mistakes have an impact on your credit score and could hamper your chances of qualifying for loans or getting reasonable interest rates. The good news is that with time and perseverance, it’s possible to rebuild your credit score in Canada. Many people often harm their credit score and history without knowing it.

Suppose you’ve used more than 50% of your current credit card limit, made several delayed payments, did not pay the minimum balance on your existing debts, or have already maxed out your credit. These seemingly inconsequential decisions have an adverse impact on your credit score. Generally, there are different ways you may be harming your credit history – but you can still salvage it. Consult with experienced finance and debt management expert from York Credit Services. This company has been offering reliable debt management and debt consolidation advice and helping Canadians create reliable financial and debt management plans or negotiate debt relief.

Step 1: Check Your Credit Report

The initial step in repairing bad credit involves determining the specific areas that need improvement, and acquiring a copy of your credit report is the best way to know your credit history and score. Have you made several late payments or missed payments lately? Have you filed for bankruptcy in recent years? Is your overall data utilization too high? These are some of the factors that could negatively affect your credit score. Acquiring a copy of your credit report allows you to analyze your credit history over a specific period and identify what went wrong. Once you identify the main reason behind your bad credit score, you will have all the information you need to take the right action.

It is also imperative to analyze your credit report for any possible errors or even fraudulent accounts. These errors can affect your credit score and history negatively. Once you discover inaccuracies in your credit report, notify your creditor so that they can help you address these errors and revise your debt repayment data when reporting. Keep in mind that you are entitled to a free copy of a credit report from the major credit bureaus (TransUnion and Equifax) once every year. Every credit bureau is likely to have different information about your credit history, and it is a good idea to get a copy of the report from the two agencies.Step 2: Bring Your Accounts Up To Date and Pay Down Debts

Your debt repayment history is the most significant factor impacting your overall quality score. If you have been behind on your debt payments or you have not been making the expected payment on time, your credit situation may not improve much unless you ensure your accounts are up-to-date. In case you are already in a challenging financial situation and cannot afford to bring all your delinquent accounts up-to-date, contact your creditors to find out if you can successfully negotiate a payment arrangement that could work with your budget. If no such arrangement is achieved, you may want to consult with an accredited, non-profit credit counsellor who can help you create a well-thought-out plan to bring your debt accounts up-to-date and successfully repay your debt.

Paying down your debts is an effective way to improve your overall credit score. The total amount of debt owing in relation to your available credit (commonly referred to as credit utilization) is also an essential factor in your credit history and score. Suppose your current credit limit is $10,000 and you have used $7,500. In that case, your credit utilization is estimated to be at 75%. Using a large chunk of your available credit can have a negative effect on your credit score. The most effective way to address this issue is to pay much of your debt and bring your credit utilization down to either 50% or less.

Step 3: Rebuild Credit with a Secured Credit Card

Now that you have developed a well-thought-out plan to address your debts and ensure your payments are up to date, build a consistent debt payment history. A crucial part of building a commendable credit score and history is to successfully demonstrate that you can repay the money you borrow and prove to creditors that you can manage your debt responsibly. An effective way to rebuild your credit is using a secured credit card. Generally, a secured credit card works like other unsecured credit cards in that you will have access to credit services, and your payment data will be reported to the credit bureaus each month. However, unlike most credit cards, you will be required to provide a security deposit to serve as collateral before you can start using the credit card.

When you start using your secured credit card to make purchases, those payments will not be deducted from the security deposit. You will be expected to repay the amount to the credit card provider just as you would with an unsecured credit card. Remember, the way you use your secured credit card will impact your overall credit score because it conveys to creditors whether you can use or manage credit responsibly. It is imperative that you make essential purchases that you already know you can repay. After about six months to 12 months of making timely payments and staying within the recommended balance, you can request your credit card provider to upgrade the secured credit card to an unsecured one.

Step 4: Make At Least the Minimum Payment By the Due Date

In your effort to build your credit history, it is crucial that you make your debt payments on time, and this applies to non-credit bills too. Missed utility payments that are way past due, old parking tickets, or outstanding cell phone bills can be reported to the credit bureaus. It is recommended that you begin establishing a reliable payment history by making at least the minimum payment on your bills by the due date. You should also avoid missing payments or making late payments. Consider setting up reminders on your phone, computers, and calendar to ensure that you consistently make your debt payments on time.

Missed payments and delayed payments will work against your credit history and score. If you cannot keep up with reminders, you may want to set up automatic bill payments. That means your bills will be paid automatically every month. This way, you will never be late for payments or miss payments. Besides, you will not have to pay for envelopes, trips to your bank, stamps, and checks.

Keep in mind that there are drawbacks to automatic payments. First, you must ensure that the money in your count is sufficient to finance scheduled payments. If you have set automatic payments, particularly if you are using internet banking, the payments won’t be made unless there is enough money in your account. That means you will miss the payment. Secondly, if your bank or someone else has set up the payment for you, there is a chance it will overdraw your bank account in case you don’t have enough money in the account.

Step 5: Adopt Good Financial Habits

Smart spending and saving practices are essential to building your credit history and score. The best way to achieve this is to create a well-thought-out budget that accurately reflects your income and spending activities. With a great budget, you will know how you can successfully live within your means and manage your finances better. Essentially, a budget is like a spending plan for your income. By assigning every dollar you earn to a specific activity, you will be in a position to determine whether you will have enough money to address your expenses in advance. Suppose you realize you don’t have sufficient money to address your expenses. In that case, you can still use your budget to prioritize your spending and channel your financial resources to specific areas that are a priority.

Now that you have a budget, it is time to set up money reminders. Create a list of all your bill payments and take note of the payment dates either on your wall calendar, smartphone app, or Google calendar notifications. No matter the method you use to set reminders, it will help you remember the specific date to make payments, and you won’t miss or make late payments. You may also want to live frugally. Frugal living is more than depriving yourself of things that make you happy and pinching pennies to save a few dollars. It involves making mindful choices so that you can live comfortably within your means.

How Credit Card Cash Advance Work?

Did you know that credit cash advances are very tempting? At times, you may be in a pinch and really need to cover your utility bills, have enough money to spend for the week, or pay for emergency repairs for your broken air conditioning system.

Sure, cash advances may feel like an easy and reliable solution to your current financial woes. However, they are an inexpensive Band-Aid solution that is likely to snowball into more financial challenges in the future. Most people don’t understand this simple concept, perhaps because they have no access to reliable information or credit counseling about credit card advances. Here are reasons why credit card cash advances should be your last resort option and what you can do to address your financial issues instead of turning to cash advances.

What Is a Credit Card Cash Advance?

A credit card cash advance is simply a cash loan from your credit card provider. Essentially, you will be withdrawing cash from your credit card account. Cash advances come in different forms of withdrawing money at an ATM using somewhat ‘convenient checks’ that usually come with your credit card. You can also use cash advances for other transactions, such as using your credit card to finance wire transfers and money orders.

Why You Should Avoid Cash Advances

Cash advances are usually tied to your credit card. However, they come with an entirely different set of terms, which vary between credit card providers compared to when you choose to swipe for your purchases. While the convenience of cash advances is an added advantage, here are the reasons you should not turn to credit card cash advances:

Expensive Fees

Using cash advances means incurring steep fees, which are calculated according to the size of your transaction and how much you intend to withdraw from your account. Fees range from a flat fixed rate of $5 to $10 or a percentage of the total amount you intend to borrow and vary from 1% to as high as 7% or 8%. If you’re planning to withdraw from your credit card via an ATM, be ready to face the extra ATM charges.

High Interest Rates

In addition to the fees you incur per transaction, there are also steep interest rates attached to cash advances. These interest rates are higher than the rates you pay for regular purchases using your credit card. That means your cash advance will show up on your credit card report or statement, along with other transactions in your monthly credit card statement, but the interest amount will start accruing immediately.

No Grace Period

A credit card is a convenient tool to finance your monthly expenditure while enjoying the possible cashback or reward points. However, this option is worthwhile if you pay off your credit card balances in full monthly. Recurring purchases on your credit card usually come with a grace period (21 days) after your last statement date. The bad news is that this perk does not extend to credit card cash advances.

No Perks

If you use your credit card and pay the balances in full on time, you are likely to enjoy many perks such as purchase protection, cash back incentive, reward points, and extended warranties. Credit card cash advances are perceived as some kind of a loan that doesn’t come with benefits.

Limitations

Credit card providers usually distinguish cash advances from your regular purchases. With that comes a different set of terms and conditions regarding the minimum payments, the specific amount of money you can withdraw from your current credit card limit, and how these payments will be applied to credit card cash advances.

What To Do Instead of Using Cash Advances

Consider reading the terms and conditions carefully just to be sure of the interest rates, the number of fees, how payment works, and possible penalties associated with using your current credit card for cash advance services. Here are other options you can explore instead of using credit card advances.

Determine If You Really Need the Money

The moment you know how much it will cost you to use credit card cash advance services, determine whether you really need that money. Find out if you can do without it or if a smaller amount will be helpful. Check your budget and let it guide you to determine whether you need cash advances and how you will manage the payment if you take such a loan.

A Private Loan from Family or Close Friends

If your grandparents, parents, and other close relatives or friends can lend you money, that’s a great alternative to cash advances. You can work with them to draw up a loan and solid repayment plan. This will free you up from the steep fees and interest rates associated with the cash advances.

Withdraw from Your Assets

Suppose you own a property and have savings in your retirement savings plan or tax-free savings account. In that case, it would be wise to take equity out of such assets to free up the cash you need. Consult with an experienced financial advisor before you make this choice. This is because some of these financial choices might lead to taxes and penalties.

Ask for a Bank Loan, Consolidation Loan, Line of Credit, or Credit Card Limit Increase

If you have an excellent credit rating and a positive relation with your current financial institution or creditors, it is possible to request a personal loan from your bank. You can also ask for an increase in your current credit card limit. These are some of the options that could get you more cash in the meantime. Besides, these sources of cash are associated with a lower interest rate than cash advance rates.

Emergency Savings Fund

Suppose you have an emergency savings account. This would be the best time to withdraw some money from it. If you are in dire straits financially, one of the ways to bail yourself out is to withdraw some money from your emergency savings fund. Be sure to replenish it once you regain control of your finances.

We are here to Get Help With Your Debts

If you are thinking that you must use a credit card cash advance to finance what you will need, that may be the warning sign you need to heed because you should be seeking help with your money and debts. Contact York Credit Services and seek debt management advice. An experienced finance and debt management expert will give you reliable guidance on how to address your current financial difficulties. We can do that one on one, or by phone, whichever you prefer.

How Much Money to Spend on Living Expenses

Most Canadians wonder how much of their income should be spent on groceries, home, clothes, vehicles, and more. If you are in that category, you now have the opportunity to learn more about budgeting, how to create a budget, and how it can help you develop positive spending habits. Everyone makes a unique amount of income and has a unique set of needs. So, your colleague’s budget is different from yours.

Once you learn the basic concept of budget, it is time to develop a budget. Start with your net income. This is the amount of money left after tax and other relevant deductions from your paycheck, but before any voluntary deduction such as pensions, RRSPs, and other forms of savings. Assuming you have costs such as high debt payments, education-related expenses, and childcare costs, you may want to lower your expenditure on other less-urgent issues and address these high costs.

Budgeting Guidelines: Costs of Living by Category

The Easiest Way to Use the Guidelines

To make your budgeting process easier, we have created easy-to-understand budgeting guidelines. York Credit financial Services shares these guidelines for free to help Canadians battling with budgeting and financial issues to create a custom budget and regain control of their finances. Suppose you are not sure how to track your living expenses and calculate other aspects of your daily expenditure when budgeting. In that case, it is crucial to seek guidance from one of our experienced budgeting experts. Remember, a budget is like your spending plan. If that plan has flaws, there’s a chance it will not be helpful in terms of personal finance management.

Basically, you need to divide your expenditure into different categories based on the guidelines we have issued. These guidelines make it easier for you to determine whether your current living expenses exceed what you should be spending for each category. Besides, you will be in a position to determine the recommended expenditures for each category and adjust your expenditure accordingly. This tool shows you the details of your budget in a pie chart that is divided into different expense categories. There’s also a budgeting calculator that gives you helpful tips and suggestions so that you can avoid the common pitfalls of a budgeting process.

How to Create a Budget With Irregular Income

Suppose your income changes frequently from month to month or every few months. In that case, creating a reliable budget with irregular income can be difficult. Try using specific strategies (we have shared) for developing a personal budget for irregular income. These strategies will offer you simple but reliable ways to ensure that you’re not spending unnecessarily in the months you have a higher income.

Effective budgeting will also ensure that you have enough money even during those months when you do not get a high income. If you prefer watching videos rather than reading text, consider learning how to budget or create a financial plan in our free online workshops. Alternatively, you can schedule a consultation session with one of our budgeting experts. This will help you learn how to create a custom budget for the low-income months and the high-income months.

3 Budgeting Strategies When You Have Irregular, Seasonal or Fluctuating Income

1. Budget Using Your Average Income

Suppose you have been making irregular income for several years. In that case, an effective strategy to determine the average net income you have been earning for each month in a year is to divide the total net income by 12. This will give you your current monthly budget limit. If this amount of money is insufficient to meet your expenses, it is recommended to supplement and increase your income regularly or decrease your expenditure to establish a budget balance. An essential part of the budgeting process for self-employed people is to include separate savings account for your income tax payment. This will make it easier to track your expenditure and income.

2. Budget Using a Holding Account – This Method Works Well for Students

Another reliable strategy involves setting up a holding account. Your total net income, including bonuses, gifts, student loans, tax refunds, and more, will be deposited into your holding account. In this case, you will pay yourself a specific monthly amount based on what you have determined you can afford and what will let you meet your financial obligations successfully. During the months you have a high income, your holding account is likely to have a larger balance. During the lean months, your holding account balance will be low. However, the specific amount you pay yourself doesn’t vary from month to month.

A Special Budgeting Note for Students

The holding account method is the easiest for post-secondary students trying to budget with a lump sum amount of money. With a grant, student loan, bursary, money saved up from working during the summer holiday, or scholarships, it can be easy to spend all of it at once. Using a holding account and taking a simple paycheck every two weeks makes it much easier to budget your money effectively and ensure it lasts for as long as you need it to.

3. Use Two Budgets: One for Good Times & Another for Leaner Times

Another way of dealing with irregular income is to create two budgets—one budget for the high-income month and the other for low-income months. For many Canadians, this is the most challenging way to manage their money effectively. This is because it is easy to get into bad spending habits during the high-income months and probably feel deprived during the low-income months. With two different budgets, some Canadians are tempted to spend more money just because they expect to have money again during the high-income month ahead. They tend to rely on credit services to supplement their low income, and this may result in a cycle of debt and questionable spending habits that could be expensive and challenging to break.

Determine how much you need for key expenses

Suppose you spend all your income on whatever you like. In that case, you will not be prepared for future financial obligations. It is in your best interest to begin with 20 percent for savings and debt repayment. You can pay yourself first by setting aside enough money for an emergency fund and a retirement plan—next budget for your debts. For instance, if you have an outstanding credit card debt, work on repaying it gradually. Next, deduct your regular bills. If you make $5,000 monthly, try to spend half of that amount or less on utility, rent, and other essentials.

Make changes to your spending along the way

Your expenditure is guaranteed to fluctuate over time due to an increase in the cost of living in your town or relocation to a different geographical location. If you are short on funds at the end of every month, there is a good chance your current budget is not effective, and you should revisit your spending practices right away. Analyze your bank statements and credit card to determine your expenditure patterns. Do not forget the withdrawals you have been making.

One way of tracking your expenditure successfully is to keep all your receipts safely. This will help you determine how you spend money and where your cash may be leaking out of your current budget. Remember, having accurate income and expenditure information will help you create a more effective budget. The more honest you are when budgeting for your money, the better off you are likely to be.

10 Ways of get out of debt

There are many Canadians who would like to pay down their debts or pay them in full. However, they are not sure of the best way to manage debt payments or where to start. The reality is that there is no ‘one best way’ of debt management that works for every Canadian battling huge debt. After all, everyone faces a unique set of financial and debt management challenges. Here are some of the proven tips and suggestions that will help get you started with debt management and payment. Applying many of these suggestions will help you get out of debt fast.

1. Set a Goal

Set SMART goals

It is essential to set realistic debt management and repayment debt goals, particularly when they are about paying off credit card balances with high-interest rates or other forms of consumer debts such as lines of credit, overdrafts, and vehicle loans. Though it is easy to run up balances, it will take self-discipline and time to pay your debts off. So, make sure that your goals are specific, measurable, attainable, relevant and timely.

2. Make a Spending Plan

The plan B cliché must fit in in your plan. The reality is that plan B is no longer a cliché when it comes to paying your debts. Note that your budget is more than just a spending plan. It should help you keep your credit card balances up-to-date and repay other debts successfully. A budget or a spending plan is something you must lay out to ensure you spend less than the total income you make. Some people still think that they don’t need a budget, but there is a good chance they haven’t tried one yet. From a financial perspective, a well-thought-out budget can help you gain control of your expenditure and successfully repay your debts.

3. Spend Less Than You Plan to Spend

Many people wish they had bigger paychecks than they already have. Probably you have heard that you can have nearly anything you want, but you cannot afford everything you want. Most people often get into debt and stay in debt just because they want to buy what they want whenever they want it. Remember, not even millionaires can comfortably pay for everything they want. So, if you can be comfortable with less than what you really want, even if it is temporarily, you can save some money to pay down your credit card debt. By the time you finish paying your debt, you will probably have set new priorities and can use your savings to address other important issues.

4. Track Your Spending

Identify opportunities to cut back your expenditure.

For some Canadians, reducing their expenses can save them nearly as much money as they would earn when working part-time. You would not know how much money you can save unless you start saving. It is recommended to track your daily and monthly expenditure. Record what you spend rather than what you think you should spend over a period of a month. If you’re not honest with yourself, tracking your expenditure or identifying opportunities to reduce your expenses may not work.

5. Pay Off Your Most Expensive Debts First

A smart strategy to get out of debt is to ensure that you make minimum payments on your credit card balances (except for one) and other debts. Choose a single debt that is charging you high-interest rates and focus on paying it off first. Next, pay off the most expensive debt. Continue paying off your debts step-by-step, and eventually, you will be left with the least expensive debts to pay. This strategy can help you get out of heavy debt quickly and perhaps keep you motivated to take debts that you can pay comfortably.

6. Consider Becoming a One Car Household

Suppose you have two family cars. In that case, you may want to get rid of one vehicle and either take transit, walk to work, or carpool. This can help you save a couple of thousands of dollars annually by just getting rid of your second car. Just think about it: an average car owner spends more than $9000 annually to maintain and operate a car. You can forego car ownership and maintenance and use that money to pay down your debt.

7. Save on Groceries to Help Pay Off Debt Faster

Another way to save up money and pay your debts faster is to stock up on groceries when they’re discounted or go a step further to stockpile, then skip one or more grocery shopping monthly. That means you will live off of the groceries you stockpiled. Generally, filling your kitchen cupboards when groceries are on discount and skipping grocery shopping can save you a maximum of 25 percent on your yearly grocery bill. Applying these savings to your current debt can put you ahead of debt payments.

8. Refinance Your Mortgage

Assuming you own a home, there is a good chance you have enough equity to successfully consolidate your debts into your current mortgage. If you have insufficient equity in your house, extra mortgage insurance expenses may be costly. Be sure to consider other options and seek financial or credit counseling from an expert (not your lender). If you realize that a credit union or bank is not ready to help you, do not rush off to find your first house equity finance company that’s ready to offer you money. Instead, consult with an accredited, reliable credit counsellor.

9. Use Savings

Paying your debts beats financial savings.

Most people contribute to their savings plan regularly. This is great. However, that money can help you pay your outstanding debts faster. If you have an emergency fund and are now saving for other expenses, it is possible to stop contributions to your savings until you pay off the amount you owe. This is helpful for people who are not saving for a specific goal, such as financing kids’ education or paying for your family car’s repairs.

10. Speak with a Credit Counsellor – It’s Free

If you’re deep in debt and struggling to make headway repaying your debts, begin by consulting with an accredited credit counsellor. There are different credit counselling programs that could help you learn how to manage your debts. The credit counsellor will explain various options of dealing with debt and help you choose an option that makes sense most to your financial situation. Sure, you need to pay your debts fast. But consulting with an experienced credit counsellor could help you realize other options you had not thought of.

How to Get More Help to Get Out of Debt

Most people are in debt. If you are struggling with your debts, the sooner you start addressing those debts, the sooner you will have them paid off. Months and years will pass whether you choose to pay the money you owe or not. So, begin by implementing one or more strategies discussed above. After all, you have nothing to lose if you begin paying down your debt.

Generally, managing debts is not an easy task, particularly if you are deep in debt. Seeking financial and debt management guidance is a good starting point. If you need help to draw a budget or any other plan to start paying off your debts, contact York Credit Services for confidential help. You can meet with an expert in person or schedule a virtual meeting.

What to do if you need to pay back CERB

2020 was a year that most people would not want to repeat. The challenges, including the cessation of movement orders by various governments, affected revenue generation for many. The Canadian government responded to the situation by availing Canada Emergency Response Benefit as one of the financial support programs for the residents. Initially, the eligibility criteria were not very clear, which may have led to many beneficiaries getting high CRA bills later. It is now becoming clear that what may have been a lifeline to many may have some serious setbacks.

CERB overpayment causes

At the time of issuance, the government did not pay a lot of attention to proof of eligibility. Interested parties would apply, and proof of their status would be reviewed later. It is believed that the government spent over $81 billion to cushion 8.9 billion people between March and October of 2020. The move may have been a great help to Canadians, but it also left many feeling vulnerable to more financial burdens.

The government has sent most people letters regarding overpayment of the CERB. CBC reports that half a million people have received letters asking for more information to determine if they were eligible for the program. According to Global News, Canada Revenue Agency (CRA) told recipients of those letters that they should not interpret them as in-eligibility for the funds because they are just a way of getting more information.

CERB repayment categories

Not everyone is expected to pay back the CERB. If you fall in the following categories, the chances that you’ll be expected to pay are high.

Those who took CERB twice

In 2020 November, the CRA issued a warning that over 200,000 Canadians had been given CERB twice and had to pay back that money. Most of the people in this category had applied through CRA and Service Canada. They also received letters but were not required to start repayment immediately if they make a plan to start paying the excess money they received.

Low-income earners in the previous year

Those who did not earn enough money in the year 2019 as self-employed or formally employed may also be expected to pay back the loan. Part of the qualification criteria for eligibility was at least $5,000 the previous year, or at least 12 months before the application time.

It remains unclear whether those who got paid in other forms like pensions, disability benefits, employment insurance, student loans, and bursaries are also included in this category. Further confusion arises because the government did not clarify whether the minimum income was to be calculated as gross or net income.

Those who mistakenly got the funds will not be required to pay the excess back if they met the minimum gross salary income. Instead, Service Canada and CRA will refund them the extra money they sent back.

Those who failed to file taxes in 2019

The CRA also targeted those who did not file their returns because there was no way of proving their income. The best option for people in this category is to file those taxes as soon as possible.

Personal income taxes vs. CERB

CERB funds do not have tax levies, but they are taxable. The current financial program, which replaces CERB, is the one with 10% taxes being withheld. If you are enrolled in this program, the taxes you may be owing is determined by the amount of money you are earning from all your income sources.

Those who mistakenly received the money but returned it by 31st December 2020 will not be affected by tax implications on the extra payment. Taxes will only be levied on the funds they were entitled to get. However, CERB payments refunded after the 31st will have taxes on the whole amount disbursed, but that situation may change after the filing of 2021 tax returns.

CERB funds are taxable as income taxes, which means tax slips are issued after filing. Other sources of income and the regular marginal tax rates will determine the amount of tax that ends up being paid. For example, if you got $500 CERB funds every week for at least 8 weeks in 2020, the taxable amount for that year will be $14,000. Since the federal basic personal amount is $13,229, taxes for the CERB will be very little. That changes if there were other income generation sources or tax credits.

Relief for the taxes

The government reported that those who had less than $75,000 taxable income and received the pandemic funds would get tax relief in the form of zero interest until April 30th, 2022. This provides much-needed relief for most people, but it doesn’t take away the debts. Instead of waiting until the deadline, start planning how to pay back the money without interfering too much with your budget.

How can I return CERB payments?

The government, through Prime Minister Justin Trudeau, said that they would not impose a specific deadline for those who applied for the relief funds. This is supposed to be a sign of good faith as the government intends to work with individuals systematically. There won’t be penalties or taxes either.

Self-employed residents earning a minimum of $5,000 gross salary and were eligible for the funds, but received some amount by mistake, will not be forced to pay back the excess. Only those who did not pay taxes for that year, those who did not meet the $5,000 income mark, those who got paid twice, and those who listed ineligible sources of income will pay back CERB.

The government is expected to implement a repayment plan that allows everyone, especially the financially unstable group, to pay back the funds without much strain. That may mean giving the people a reasonable period to do so or considering the financial capacity of every individual as they work case-by-case with them. Some of the factors they are expected to consider are monthly income, loans being serviced, expenses, and other financial obligations a person has.

The government is still working on CERB repayment details, but the following tips can help.

• Filing tax returns early to give yourself ample time to consider all possible repayment options. The CRA already mentioned that they would be giving each person a befitting payment arrangement according to their financial abilities.
• Consulting tax lawyers to determine how to manoeuvre back taxes and possible penalties and interests in the self-employed category.
• Repaying CERB overpayment as soon as possible if you have enough funds to do so.
• Adjusting your personal budget to accommodate the CERB repayments.

Reach out to YorkCredit

CERB repayment is just one of the many financial issues that may put a constant strain on your budget. YorkCredit can help you reduce the financial burden and create a befitting money management program that will prevent recurring money problems.

Understanding credit bureaus and the important role they play

Credit bureaus operate with a lot of secrecy that often piques the interest of most people. The two that most Canadian residents have dealt with are Equifax and TransUnion. Even so, most residents do not understand the full extent of their roles and their exact purpose.

About credit bureaus

The definition of such agencies seems straightforward on most dictionaries, but understanding them requires access to more information. They normally operate independently and don’t share information with similar agencies. For that reason, their reports and scores tend to differ slightly. Some financial institutions and lenders may send information to both agencies, while others may only use one.

Their main role is to collect and compile information from credit card companies, banks, and collection agencies. They start this process as soon as you open the first credit account and can sometimes check public records regarding foreclosures, tax liens, bankruptcy, and repossession. They use the information they get to calculate credit scores using FICO standards, which will then determine how easily you get loans or how low the interest rates become.

What are credit scores?

A credit score is a number that ranges between 300 and 900 and is used to determine the creditworthiness of an applicant. The higher the score is, the more trustworthy a person seems, which allows access to several willing lenders. Various factors contribute to the score in different ways.

Payment history: This refers to the way loans and bills are paid. It is how quickly the debt is cleared, whether it gets to the collection agencies, and the missed payments. Note that credit bureaus only collect information and not money. As such, Credit Bureau Collection does not exist.

Credit utilization: Contributes 30% of the score and refers to the amount of credit used. Try to keep the expenditure below 30% on all your credit cards regardless of the limit.

Credit history: Refers to how long the credit account has been in use and contributes 15% of the score. Since it shows spending patterns, the older the history, the better.

Credit types: Having different types of credits at the same time may increase the score. For instance, if you have instalment loans, revolving credit, and a mortgage at the same time and you don’t miss payments, you demonstrate that you can be trusted to handle various products. It covers 10% of the score.

Inquiries made: This factor shows how frequently you apply for credit. When seeking a new loan, the potential lender checks your credit history, which is recorded by the bureaus. Too many inquiries within a short time imply that you have an unstable financial status and may not handle the funds properly if given. Although it only covers 10%, it is still a big factor that you should not take lightly.

Do credit bureaus abide by any laws?

Yes, the agencies have various regulations they must follow in their operations. These rules differ in every province in Canada, but they are all geared towards consumer protection. The rules also apply to how they acquire and disburse the information. Common ones include:

Requestors having a permissible purpose when asking for information, and it is upon the agencies to ensure they are legit. The bureaus can only divulge your details to debt collection agencies or when a credit decision is pending. If the request involves an employment opportunity, domestic residence purchase or rental, or is about insurance, they can also share your credit details.

Requestors are mandated to inform the agencies about the use of the information they get, especially if they intend to use it to take adverse actions such as declining a credit application or denying employment. They should also disclose if they intend to increase lender charges based on what they discover.

Credit bureaus must give a consumer a credit report as soon as possible after an application. Applying for a credit report does not mean that an inquiry into the account should start, and it should not affect the credit score. It should not take too much time either, regardless of the mode of application used.

Bureaus are required to look into any dispute filed by a consumer. If their investigation shows that the error is real, the agency should inform every institution or individual that has received the credit file within a specific period, which varies in every Canadian region.

The agencies must maintain positive credit information for consumers for at least 20 years. It allows consumers to keep track of their history, especially if it is positive. This is done even if the details become negative later.

Getting a credit report from a credit bureau in Canada

Consumers are advised to check their credit histories at least once annually. It allows you to identify discrepancies that, if left unresolved, may cause a lot of negative effects on your credit history and score. Checking the credit report regularly has many benefits, which include identification of fraudulent activities or cases of identity theft. You will find out whether you took the debts indicated on your account. It also shows errors such as debts that have already been paid off but are still showing. All these will show the credit status, especially when you need a loan.

Transunion and Equifax Canada are reachable online or by phone at 1-800-663-9980 and 1-800-465-7166, respectively. Applying to both agencies is allowed and can be done for free through email. You can also pay for immediate access online.

Addressing questions on the credit report

Check all the information on the credit report carefully and understand what it means. If you notice any incorrect data, contact the credit bureaus immediately. If you only need help with credit repair, contact YorkCredit. Our team will assess the report with you and identify the problematic areas before coming up with the right tips to help you improve it. We are also available to help with money management programs.

The role of debt collectors in Canada

Having a lot of debt can cause frustrations and anxiety, especially when dealing with debt collectors. The constant phone calls from the third-party collectors that your creditor hires can cause a lot of sleepless nights, which is why most people resort to turning off their phones or muting them. Knowing what the law says about such calls and a credit counselling call can help you avoid the stress associated with them.

Common questions about the role of debt collectors in Canada

Debt collectors never give up once they acquire a target. They will make endless calls to get you to pay them, but with the information below, navigating their processes successfully will be easy.

Each province in Canada has various regulations, but most of them restrict debt collectors to specific places and times when addressing issues with borrowers. They also require consumers to stick to a specific method when disputing or seeking validation of information regarding the loans in question.

What to do when a debt collector calls

Ignoring the calls is not a lasting solution. At some point, you will have to talk to them and determine whether they are real or a scam. Therefore, the best solution is to answer the call and get as much information as possible for validation purposes.

After ascertaining that you owe the debt, you can try to create a suitable payment plan. Get the agreement in writing to avoid misunderstanding and confusion later. You should also keep records of everything you discuss until the loan is fully paid.

It’s important to remember that collection agencies are very persistent, but there are cases, though rare, where some of them gave up after their calls and letters were ignored for long. Sometimes they cease communication and end up summoning you to court, which is another reason not to ignore them. In other cases, the debt may reduce your credit score, even when they are no longer calling you. Talk to them and explain why you cannot make payments at the moment.

When collectors should call

The rule in most Canadian provinces stipulates that debt collectors should call between 7 am to 9 pm from Monday to Saturday. Very few allow calls from 7 am, or 8 am to 10 pm. Some rules also allow calls on Sunday from 1 pm to 5 pm. They are not allowed to call on statutory holidays.

Most provinces also allow debtors to prohibit collectors from calling and only communicate through email. Residents can always complain to the consumer protection office if they break the rules.

These laws are not as straightforward as they may seem. It is better to read the Canadian Consumer Handbook to be conversant with those in your province before taking any action.

Debt collector’s call frequency

Some collectors don’t mind calling debtors every day, which is why it has become illegal in some provinces. Examples are Yukon Territory, where they are prohibited from making harassing calls. Alberta, Nova Scotia, and Ontario also don’t allow more than three calls, emails, or voicemails within a 7-day duration, especially after the first contact.

The duration of pursuing the debt in Canada

No Canadian province has a statute of limitations for debt. As such, debt collection agencies can call for as long as they need to, even after 20 years. However, they can not sue you after a set duration over the same debt in most of the provinces. For instance, Quebec has the period set at three years while British Columbia, Alberta, Ontario, New Brunswick, and Saskatchewan has it at two years. Labrador, Prince Edward Island, Nova Scotia, Manitoba, and Newfoundland has it at 6 years.

This means that the agencies can keep calling after the stipulated years, but they cannot take legal action against you. If they become too much, the consumer protection office can help you out.

Are debt collectors allowed to sue debtors?

Many collectors use various tactics to get their money, and some may resort to threatening with lawsuits. Others take it to another level by showing you fake legal details about when action will be taken against you. Remember, before any action, they must first win the case in court, unless the money is owed to a credit union or government, which can have a wage assignment.

Many consumer protection laws protect debtors from such tactics, and the only way to benefit from them is by having all the information, including what may happen if a creditor decides to go to court. The limitation they have to take such issues to court also works in favour of debtors.

Are collectors allowed to access debtors’ bank accounts?

They can only take money from a bank account after winning in court. However, at no point is a debt collector allowed to threaten a debtor physically. Additionally, they should never use profane or intimidating language when communicating.

Monitoring boundaries for debt collectors

When it comes to keeping tabs on you, the collectors can monitor your social media accounts and talk to your friends and family, but only to a specified extent. They can also contact your place of employment to get more information on how to reach you. They are not allowed to solicit funds from them. The contact is also limited to one time unless the other person is a co-signer or you gave permission that they should be contacted.

The laws regarding social media are still vague, but the collectors should not threaten you or anyone you know on those platforms.

Contacts regarding another person’s debts

There are many cases where identities are mistaken, and the wrong people are approached for debts they know nothing about. Most collectors get the contact information of debtors online, which is always unreliable in most cases. In such situations, you can inform them that you are not responsible for the loan. If they persist, get more information about the loan and file a harassment complaint with the consumer protection office. After that, get a copy of your credit report to ensure the debt is not listed there.

Identity theft cases

Some calls are made because of identity theft. If it looks legit, but you are certain you did not take it, call credit bureaus and the creditor, then put a credit fraud alert on your report. Check it multiple times to ensure they don’t include other debts, then file a police report.

For debts that are already paid, inform the collector and provide evidence such as payment receipts.

Conclusion

The best way to deal with debt collectors is to know your rights and the regulations that you can use as a guideline when dealing with them. Understand the rules in your province, and reach out to the Office of Consumer Affairs if you need professional help. You can also send your questions to YorkCredit, and we will try to assist.

Is it a good idea to consolidate a student loan debt?

Reports indicate that Canada’s amount of student loans is nearly $28 billion, which shows that it is a crisis in waiting. Most graduates that have benefited from such loans are left desperate for help, with many of them considering consolidation as the only way out. Although refinancing or consolidating a student loan is a possibility, the most important question is whether the advantages outweigh the disadvantages.

What led to the student loan crisis in Canada?

Tuition fees in Canada have been steadily increasing over the last years, which has led to a higher demand for financial assistance for students. Most of the loans have also had increased interest rates. With the job market also being unstable, most of the graduates reached the six-month grace period without a job that could help them start the repayment process. Many of them resorted to unpaid internships or jobs offering minimum wages to try to survive, which still does not allow them to make the minimum loan payments every month.

The Canadian government has recognized the student loan crisis in the country and is already putting plans in place to avert it. Several tuition-free programs are already in place for low-income families, and some states like Ontario have reduced the fees by 10%. Such measures only benefit students who are yet to take the loans, but to the graduates who need reprieve now, they are of no use.

Types of student loans in Canada

There are three main loan categories of loans namely:

Private loans: These are usually acquired from traditional lending institutions like banks, but sometimes other lenders may offer them. They come in handy when provincial and federal loans are not enough for tuition. Private loans typically have higher interest rates.

Federal loans: These have fixed or variable rates and are issued by the government through the Canada Student Loan Program.

Provincial loans: These also have variable rates and are offered by the respective provinces in the country.

Some states combine provincial and federal loans automatically after graduation to allow students to make single payments. Other provinces don’t consolidate them, which means you will pay two service loans. You can find detailed information about such consolidations online.

How refinancing and debt consolidation of student loans work

Refinancing and debt consolidation are usually used interchangeably, but they are not the same. With refinancing, a new loan, preferably one with better terms and rates, pays off the old loan. The student is left servicing the new loan only. With consolidation, several loans are combined to allow the student to make one payment at lower interest rates. For instance, if the student has federal, private, and provincial loans at the same time, they can look for another lender willing to combine all of them at a reduced interest.

Debt consolidation and refinancing are both good ideas under specific circumstances such as:

• Having already paid part of the loan, which shows they are reliable and trustworthy. Lenders will be willing to take a chance on them.
• Having a good or excellent credit score
• Having a stable or well-paying job
• Having a co-signer with a stable income or good credit score

The debt consolidation loan can also be used to settle other loans, especially unsecured ones. However, if it is used to pay credit card bills and the credit cards continue to be used, the student could end up with zero balances and eventually find it very difficult to keep up the new loan payments and the monthly credit card payments.

Disadvantages of refinancing or consolidating a student loan

The advantages of student loan consolidation or refinancing mostly apply to private student loans only. In most cases, transferring federal or provincial student loans to a private lender brings the following disadvantages.

Owing the bank instead of the government

The government sometimes creates debt relief programs that benefit students who still have federal or provincial loans. Going to a private lender takes away the eligibility of such students. More information about those programs and qualification criteria are available on the government website.

 Loss on tax deductions

The interest on student loans is usually tax-deductible, which offers great savings annually. However, that is not available with private lenders.

Higher rates

The idea of dealing with one loan may be enticing, but the interest associated with such loans is very high, especially when you have a poor credit score. Generally, the government offers lower rates than banks and other private lenders.

A longer payment period means more interest in the long run

Debt consolidation makes it easy to pay a single loan over a longer duration, which means students end up paying more interest. The longer payment period may also make it harder for students to get loans in future.

Student loan assistance options

Repayment assistance

Before consolidating or refinancing, students should explore other options, especially those that the government creates to help them. If the six-months grace duration is over and you cannot make payments, or if your income is too little and you have fallen behind on the payments, you can consider Repayment Assistance Plan. They may stop the payment temporarily or reduce the amount, depending on how bad your situation is. Make sure you are eligible before applying.

Debt consolidation program

These programs are usually available with non-profit entities in Canada, and they don’t involve loan acquisition. The student arranges with the creditors to reduce the interest with the help of a certified credit counsellor. The unsecured loans the student has may also be rolled into one for reduced monthly payments.

The only problem with this option is that the loan must reach collections for it to be included in the Debt Consolidation Program.

Improved budgeting

In some cases, financial coaching helps students gain better control of their finances. You can work closely with credit counsellors to budget effectively and track expenses. These professionals can help you achieve your financial goals, depending on the income you can generate.

The only way to determine if a loan has reached collections is by calling the Collection Management Unit for the Ministry of Finance on 416-326-0500 for those with provincial loans, and CRA Collections Service—Canada Student Loan Centre on 1-866-336-7565 for those with federal loans.

Get help in just one phone call

If you are a graduate struggling to keep up with student loan payments and would like some guidelines, reach out to YorkCredit today. We will provide you with tips to help you manage your funds better.

Payday loan processes and how to pay them off quickly

Almost 2 million Canadians rely on payday loans for survival. The number is fueled by the fact that they live from one paycheck to the other, which means money often runs out before they receive the next paycheck. The situation also makes it very difficult to save some money, and when an emergency arises, the people cannot handle it without taking a loan. To most people, these loans are lifesaving, but the reality is, they create more financial burden on the borrowers.

So, what exactly is a payday loan?

These are short-term loans that are also called Cash Advance Loans. They usually come at very high-interest rates and fees that may make them harder to pay back. The charges associated with the loan increase when it is not paid on time, which means borrowers must time their paychecks carefully to ensure they don’t miss it.

It is possible to increase a payday loan term up to 62 days, but that number may be lower or higher in some provinces. Known as rollovers, the extensions also accrue additional charges.

Despite the high fees, payday loans usually provide relief when faced with difficult financial situations unexpectedly. However, they should only be taken under desperate circumstances to avoid a never-ending cycle of debt.

How payday loans work

These loans are not very difficult to get, even though they don’t have official known lenders. They can be accessed in-store and online through electronic transfers.

In-store payday loans

Some of the documents needed for in-store locations include proof of regular income, bank account information, and permanent address. Since only adults can access such loans, identification proof is also needed. Some lenders ask for references that can be contacted in case of a default, and the borrower is unreachable.

Some lenders also ask for additional information like:

• A contract allowing them to withdraw the principal loan amount, together with the accrued fees and interest from your bank account when the loan term is due. This is sometimes known as pre-authorized debit.
• A cheque dated the same time the loan is due. It should cover the total loan amount.

After providing all the necessary documents and getting approval from the payday lender, they will deposit the money directly to your account or give it as a cheque or cash. Some, though rare, give the loan on a prepaid card, but it requires additional charges.

The signing of the loan agreement is also included in the payday loan acquisition process. It includes a lot of details, such as related costs like interest, loan fees, and the due date. Read the agreement carefully before signing, and ask questions regarding doubts or concerns you may have. If you are unsure, double-check the information regarding payday lenders at the Canadian government’s website.

Online payday loans

Accessing the loans online may seem like a more convenient option, but most of the lenders operating online are not licensed. It is also easier to be duped online because such lenders don’t adhere to the rules set by the provincial government. For better protection, deal with lenders that are licensed only. Their status is available on the provincial affairs office website.

Paying attention to the source of e-transfers also helps prevent problems. Resolving issues with lenders outside Canada is more complicated and sometimes impossible.

Payday loan illustration

A payday loan may seem like an easy solution, but it can cause a lot of problems to borrowers — understanding how the loans work can increase your safety, especially regarding the fees associated with them. For example, if you take a $300 loan and it comes with a 15% interest for every $100, you end up owing an extra $45 within the week. If you fail to keep up with the terms, you get penalties that increase the amount to $400. Taking another loan to pay for the current one only leads to more expenses.

Possible benefits of payday loans

Immediate funds

Managing expenses is usually challenging for most people who live from paycheck to paycheck. The rising cost of living makes life more difficult, creating the need for immediate access to funds during emergencies. In most cases, getting these loans only involves providing the right information, filling out the required forms, and just like that, you’ve got the money.

Credit history does not matter

Getting a loan from traditional institutions requires that applicants prove their creditworthiness, which takes a lot of time. Payday lenders don’t care whether the credit score is good or bad.

They are renewable

It is always possible to renew the loan if it is due and your financial situation has not improved. The fees may increase, but you will have enough time to get your funds in order.

It’s possible to get top-ups

Various states have rules regarding the maximum percentage of the paycheck that a lender can give in advance, and payday lenders can top up that amount.

Disadvantages of payday loans

High interest

These loans are calculated bi-weekly instead of annually, which increases the loan tremendously.

Limited cash access

The loans range from $300 to $1,500, which may be insufficient for most people.

Shorter terms

Borrowers are usually required to pay the loan with the next paycheck, which gives 30 days or less. The term can be extended, but only for a limited number of times.

Full payments

Payday loans cannot be paid in instalments, which may constrain your budget more.

Failing to pay the loan will lead to a poor credit score.

Borrowing from multiple lenders will increase the debt burden.

Paying off payday loans

The following ideas can help you pay off your payday loans for good.

• Getting an extended payment plan to pay off the loan in full
• Selling items that are no longer usable and getting a different source of income
• Using the available money to offset the loan, even if that money was meant for something else
• Seeking financial assistance from friends and family members
• Searching for a debt consolidation program

Considering payday loan alternatives

Trying to get the money from other sources like a second job is always better than a payday loan. Other options that may be helpful include:

• Asking an employer for an advance payment
• Looking for nonprofit and charity organizations
• Crowdfunding
• Getting a line of credit
• Borrowing from a credit union
• Getting a credit card cash advance

Getting advice from experts

If you would like to start reducing your debts, get an expert to advise you and tips from YorkCredit today. The earlier you clear your payday loan, the better your finances will be because you will not have to deal with high interest and excessive charges.

If you are looking for debt consolidation in Toronto  call us now 647-302-3328 or write info@yorkcreditservices.com.